On August 26, UMass Amherst unveiled a new Economic Development Initiative aimed at harnessing the university’s resources, expertise, and partnerships to stimulate job creation, entrepreneurship, and community renewal across western Massachusetts and beyond. The program is designed to strengthen workforce development, support small businesses, and foster innovation-driven economic expansion at local, regional, and state levels. n nChancellor Javier Reyes emphasized the institution’s role as a public flagship university during a speech at the annual Community Breakfast held in the Student Union. He addressed a gathering that included government representatives, business executives, academic leaders, and community stakeholders, stating that UMass has a duty to act as an engine for inclusive and sustainable economic progress. According to Reyes, this mission opens avenues for collaborative programming, strategic analysis, and cross-sector partnerships that can benefit the broader Commonwealth. n nAs one of the largest employers in the region, UMass Amherst already contributes $2.9 billion in direct and indirect economic impact statewide. Its ongoing operations inject significant funds into the local economy through wages, taxes, and consumer spending, supporting approximately 13,000 additional jobs across Massachusetts. The new initiative seeks to amplify this influence by drawing more individuals into the university’s innovation ecosystem, assisting existing enterprises in enhancing competitiveness, and nurturing emerging startups. n nAn executive committee composed of senior university officials will oversee the effort, focusing on several key objectives: partnering with communities to tackle issues related to housing, healthcare, transportation, and infrastructure; advising leadership on impactful collaborations and investments; identifying joint projects with industry, government agencies, nonprofits, and civic groups; and advancing programs tied to workforce training, entrepreneurial support, and applied research. n nAdditional priorities include shaping policies that encourage resilient and equitable economic development, attracting capital to underserved areas, backing strategic state-level projects, building pathways for student internships and employment, and aligning research capabilities with regional economic needs. n nThe initiative builds on existing efforts such as the Institute for Applied Life Sciences (IALS), which transforms scientific discoveries into practical applications that improve health outcomes. It also supports local startups like Myrias Optics, which is pioneering advanced photonic systems for improved communication and sensing, and Elateq, a company advancing eco-friendly water purification solutions from its facility in Northampton. n nThe university has also deepened its engagement in urban centers like Springfield and Holyoke through the Henry M. Thomas III Center. Furthermore, the launch of “UMass Downtown” in Amherst last spring has strengthened community ties, welcoming over 5,600 visitors and hosting 36 events by July, with 486 participants actively involved in programs. n— news from Amherst Indy
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UMass Amherst Launches Economic Development Initiative
Source: UMass News & Media n nUMass Amherst announced on August 26, the launch of an Economic Development Initiative to leverage the full breadth of the university’s expertise, talent, innovation and partnerships to spur job creation, entrepreneurship and community revitalization, as well as workforce and small business development locally, regionally, and across the state. n n“As the state’s flagship, public university, UMass Amherst has a responsibility to serve as a catalyst for economic development at the local, regional and statewide levels,” Chancellor Javier Reyes told a crowd of business leaders, state and local government officials, college presidents, UMass leadership, and community members on campus at the university’s annual Community Breakfast in the Student Union. “Embracing this responsibility creates important opportunities for programming, analysis and collaboration that can foster more inclusive, resilient and innovation-driven growth across the commonwealth.” n nAs one of the largest employers in western Massachusetts, the university already has a $2.9 billion direct and indirect impact on the state’s economy, and year-round campus activity contributes millions of dollars to the local economy in wages, taxes and spending. The spending of UMass Amherst and its employees and students helps to generate an additional 13,000 jobs in the commonwealth. The university aims to do more to attract more people to the UMass ecosystem and empower existing companies to become more competitive, and spur economic growth through workforce development and new startups and enterprises. n nGuided by an executive committee consisting of senior campus leadership, the initiative’s principal goals include: n nCollaborating with communities to address challenges and opportunities around housing, healthcare, transportation and services to overall infrastructure. n nAdvising university leadership on strategies, partnerships and investments that expand economic development impact with local, regional and state-wide focus; n nIdentifying opportunities for university collaboration with industry, government, non-profits and community organizations. n nProviding input on and supporting the growth of university initiatives encouraging workforce development, entrepreneurship, innovation, and applied and translational research; n nOffering recommendations on policies, programs and practices that promote resilient, innovative and inclusive economic growth; n nDriving investment to the region and across the commonwealth; n nSupporting strategic initiatives critical to the commonwealth’s future; n nCreating talent pipelines for study, internships and employment for the region and the state; and n nCultivating research capacity with economic development priorities. n nThis initiative will capitalize on work already underway at the university. For example, the Institute for Applied Life Sciences (IALS) translates fundamental research into innovative product candidates, technologies and services that deliver benefits to human health and well-being. n nSeveral area start-ups incubated at UMass include: Myrias Optics, which is developing next-generation photonic and optical technologies with the potential to transform communications and sensing; and Elateq, now based at its own Northampton facility where it has room to grow while continuing to advance cleaner, greener water purification technologies. n nUMass has worked recently to strengthen the university’s presence in the gateway cities of Springfield and Holyoke, with its Henry M. Thomas III Center serving as the hub of the university’s efforts. Last spring, the university opened “UMass Downtown” in Amherst to increase the university’s presence in the community and make it easier for our neighbors to engage with the university. As of July, UMass Downtown has welcomed more than 5,600 visitors and hosted 36 events and programs with engagement from 486 attendees.